14/02/2013 - 14:41

Pacific Energy lodges record half-year profit

14/02/2013 - 14:41

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Power generation group Pacific Energy has announced a record half-year net profit, on the back of a 20 per cent increase in revenue.

The company reported net profit of $6.5 million for the six months to December 31, an increase of 16 per cent on the previous corresponding half-year.

Revenue was up to $18.6 million, Pacific Energy said.

Managing director Adam Boyd said the result reflected a strong performance from subsidiary Kalgoorlie Power Systems, which has commissioned 45 megawatts of new capacity since July 1, 2012.

“This new generation capacity, together with the planned completion of the 44MW Tropicana gold project power station before FY13 end is expected to deliver record earnings for the remainder of FY13 and FY14,” Mr Boyd said.

Mr Boyd said the company would continue to explore opportunities to expand its electricity supply and infrastructure capabilities.

“We continue to advance a range of alternatives towards our goal of expanding the company’s capacity to achieve accelerated earnings growth,” he said.

At close of trade today, Pacific Energy shares were up 4.35 per cent, trading at 48 cents. 

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